Refer to the given data. If Alpha was producing at alternative B and Omega was at alternative C before trade, the gain from specialization and trade would be:
A. 30 tons of wheat.
B. 5 tons of steel.
C. 5 tons of steel and 15 tons of wheat.
D. 15 tons of steel and 5 tons of wheat.
C. 5 tons of steel and 15 tons of wheat.
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Prior to the Uruguay Round agreement, the GATT was criticized because
A) it had no mechanism for enforcing its rules. B) prominent segments of world trade, including trade in agriculture and services, were not covered by GATT rules. C) member countries could veto GATT rulings not in their interests. D) All of the above.
In the game in Scenario 13.4, the equilibrium outcome:
A) is for both NRG and Vita to sponsor the marathon. B) is for both NRG and Vita to sponsor the TV show. C) is for NRG to sponsor the marathon and Vita to sponsor the TV show. D) is for NRG to sponsor the TV show and Vita to sponsor the marathon. E) does not exist in pure strategies.